Interest on receivables deductible from excise assessable value under settled valuation law.

Interest on receivables was treated as a permissible deduction from the normal price for excise valuation. The Tribunal noted that the issue had already been settled in the assessee's own earlier case in line with Supreme Court valuation law, and applied that settled position to uphold full deduction. The operative effect was that interest on receivables could be excluded from the assessable value for valuation purposes, and the assessee's claim succeeded.

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Issues: Whether interest on receivables was deductible from the assessable value for excise valuation purposes.

Analysis: The dispute concerned deduction claimed from the normal price towards interest on receivables. The Tribunal noted that the point had already been settled in the assessee's own earlier case, following the Supreme Court's law on valuation, and that the full deduction claimed had been upheld.

Conclusion: The deduction on account of interest on receivables was held admissible in full, and the assessee succeeded.

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